 "Tide Water Oil up 5% on 1:1 bonus, Rs 200 per share dividend, stock split")
Shares of Tide Water Oil (India) locked in upper circuit of 5 per cent at Rs 11,458 on the BSE on Friday after the company announced 1:1 bonus issue, dividend of Rs 200 per share, and stock split from Rs 5 to Rs 2.
The stock had hit a record high of Rs 12,991, on June 7, 2021, after the company announced stock split and bonus issue plan on May 26. Despite the correction from all-time level, the stock has rallied 144 per cent in the past one month, as compared to 7 per cent rise in the S&P BSE Sensex. Till 10:16 am, a combined 13,000 shares have changed hands and there were pending buy orders for around 9,000 shares on the NSE and BSE.
The board of directors of Tide Water Oil, at their meeting held on Thursday, June 10, 2021, approved issue of bonus shares in the ratio of 1:1 i.e. one bonus share for every share held in the company on record date. The company also declared sub-division of the face value of equity shares from Rs 5 to Rs 2. Generally, a company plans to go for a stock split to make the shares more affordable for small retail investors and increase liquidity.
The company has fixed July 27, 2021 as record date for ascertaining shareholders for bonus issue and stock split.
The board also recommended final dividend of 4,000 per cent (Rs 200 per share) on face value of Rs 5 per share (i.e. before sub-division of shares and bonus issue) for the financial year 2020-21 subject to the approval of the shareholders absorbing a sum of Rs 69.70 crore. The dividend recommended on per share and percentage thereof will be adjusted accordingly after sub-division of shares and bonus issue and the dividend will be distributed to the eligible shareholders within 30 days from the date of the 98th Annual General Meeting, the company said.
Tide Water oil has been one of the leading players in the Indian lubricant industry. It manufactures and markets Veedol brand of lubricants. Its repertoire of automotive products includes engine oils for trucks, tractors, commercial vehicles, passenger cars, and two/three wheelers. It also produces gear oils, transmission oils, coolants, and greases for automobiles. For industrial application it manufactures industrial oils, greases, and specialty products like metal working fluids, quenching oils, and heat transfer oils. Tide Water has tie-ups, for the manufacture of genuine oils, with a number of renowned OEMs in the automotive and industrial equipment segment.
The stock had hit a record high of Rs 12,991, on June 7, 2021, after the company announced stock split and bonus issue plan on May 26. Despite the correction from all-time level, the stock has rallied 144 per cent in the past one month, as compared to 7 per cent rise in the S&P BSE Sensex. Till 10:16 am, a combined 13,000 shares have changed hands and there were pending buy orders for around 9,000 shares on the NSE and BSE.
The board of directors of Tide Water Oil, at their meeting held on Thursday, June 10, 2021, approved issue of bonus shares in the ratio of 1:1 i.e. one bonus share for every share held in the company on record date. The company also declared sub-division of the face value of equity shares from Rs 5 to Rs 2. Generally, a company plans to go for a stock split to make the shares more affordable for small retail investors and increase liquidity.
The company has fixed July 27, 2021 as record date for ascertaining shareholders for bonus issue and stock split.
The board also recommended final dividend of 4,000 per cent (Rs 200 per share) on face value of Rs 5 per share (i.e. before sub-division of shares and bonus issue) for the financial year 2020-21 subject to the approval of the shareholders absorbing a sum of Rs 69.70 crore. The dividend recommended on per share and percentage thereof will be adjusted accordingly after sub-division of shares and bonus issue and the dividend will be distributed to the eligible shareholders within 30 days from the date of the 98th Annual General Meeting, the company said.
Tide Water oil has been one of the leading players in the Indian lubricant industry. It manufactures and markets Veedol brand of lubricants. Its repertoire of automotive products includes engine oils for trucks, tractors, commercial vehicles, passenger cars, and two/three wheelers. It also produces gear oils, transmission oils, coolants, and greases for automobiles. For industrial application it manufactures industrial oils, greases, and specialty products like metal working fluids, quenching oils, and heat transfer oils. Tide Water has tie-ups, for the manufacture of genuine oils, with a number of renowned OEMs in the automotive and industrial equipment segment.
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